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March 6, 2024

Devens green hydrogen factory receives $50M in private funding

Four men stand in front of a currugated steel door Photo | Courtesy of Electric Hydrogen The founders of Electric Hydrogen (from left) David Eaglesham, Raffi Garabedian, Dorian West, and Derek Warnick

Electric Hydrogen, a company with headquarters in Natick and California specializing in the clean production of hydrogen, has received $50 million in financing for a 187,000-square-foot production facility in Devens.

The funding, provided by Arizona-based venture capital firm Trinity Capital, will help fund equipment to be used in the facility, according to a release issued by Trinity on Tuesday.

"Electric Hydrogen manufactures the world's most powerful electrolyzers to produce low-cost green hydrogen at industrial scale," Derek Warnick, CFO of Electric Hydrogen, said in the press release. "Trinity Capital's equipment financing enables us to quickly scale our manufacturing capacity at our state-of the-art Devens giga-factory to meet growing customer demand for zero-carbon green hydrogen."

Green hydrogen is produced by breaking the chemical bonds of water with the help of renewable energy, according to Electric Hydrogen. The Devens plant will allow the company to produce up to 50 tons of hydrogen when production begins, allowing for the decarbonization of industrial processes including fertilizer production, steelmaking, and base chemical production.

The company expects the plant, located at 33 Jackson Road, to come online in the second quarter of this year. 

“We are excited EH2 will expand its footprint and add good, high-tech jobs with this new manufacturing facility in Devens,” Yvonne Hao, Massachusetts economic development secretary, said in a May 2023 release from Electric Hydrogen announcing its intent to build the Devens facility. “EH2’s cutting-edge hydrogen electrolyzer technology will help our state and country reach our ambitious decarbonization goals, and we’re grateful for the company’s investment in Massachusetts.”

Electric Hydrogen has more than 300 employees and has raised more than $600 million in funding since it was founded in 2020. 

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